Margin Call Shock; Amazon Union Vote; Suez Canal Refloat

Squawk Pod

CNBC

Business News, Investing, Business, News

4 • 494 Ratings

🗓️ 29 March 2021

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

Family office Archegos Capital was forced to liquidate tens of billions of dollars in stock holdings, sending U.S. media stocks and Chinese tech stocks into selloff mode, and leaving big financial players on the hook for billions. Archegos founder and former hedge funder Bill Hwang is at the center of the Wall Street whirlwind; Joe, Becky, and Andrew track the series of falling financial dominoes that led to the ViacomCBS, Discovery, Tencent Music, and Baidu losses, from swap strategies and over-leveraged books to block trades at Goldman Sachs and Morgan Stanley. Former Principal Deputy Director of National Intelligence Sue Gordon considers the implications of the liquidation trade for the rest of the global financial system. Amazon workers in Alabama are voting on a union contract, and Insider Inc. CEO Henry Blodget discusses how the results could impact the company and other workers across the country. Plus, the cargo ship in the Suez Canal has finally been freed. Now, the world is set to assess the damage.

Transcript

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0:00.0	This is Squawk Pod. I'm CianDee producer Katie Kramer. Today on our podcast, A Wall Street Mystery.
0:08.0	You know, it was almost a game stop.
0:10.0	Margin calls that sent shock waves through the markets when a family office...
0:15.1	This guy was everywhere.
0:16.1	It's like a perfect storm.
0:17.6	Was forced to liquidate positions worth nearly $30 billion.
0:21.3	We'll take you inside the resulting mayhem in media stocks.
0:25.0	You're going to make it too big to fail 2 or T-O-O-O.
0:29.0	Too big to fell square.
0:30.0	Possible cyber war, hacks from other countries keeping tech execs up at night,
0:35.0	former deputy director of national intelligence Sue Gordon.
0:38.0	There are things the government needs to do now.
0:40.0	They need to get on their horse and really form a focal point.
0:43.4	Someone that is responsible for this issue of cyber security for the nation.
0:51.1	And Amazon's biggest labor fight to date, votes are due from Alabama workers on
0:56.4	weather to unionize. Insiders Henry Blodgett on the impact.
0:59.7	As a society and economy, we need to think more about big rich companies can afford to make sure
1:06.6	that their full-time employees aren't poor.
1:09.7	Those stories, plus the ever-given, getting a little less stuck in the mud in the
1:13.8	suez. It's Monday March 29th 2021. Squackpad begins right now.
1:20.0	Good morning everybody. Welcome to Squack Box here on
1:23.1	cnbec. I'm Becky Quick along with Joe Kernan and
	...

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